Faten Lakhal

@article{benkraiem_1674,

title = {How do powerful decision-makers affect firm's stock price crash risk?},

author = {Ramzi Benkraiem and Florence Depoers and Assil Guizani and Faten Lakhal},

url = {http://www.accessecon.com/Pubs/EB/2021/Volume41/EB-21-V41-I3-P159.pdf (application/pdf)},

year  = {2021},

date = {2021-10-01},

journal = {Economics Bulletin},

volume = {41},

number = {3},

pages = {1876-1886},

abstract = {This paper investigates the effect of decision-makers' power on the stock price crash risk (SPCR). Using a sample ofFrench listed companies, the results show that SPCR increases with the power of decision-makers in widely held andmore concentrated ownership structures. This result suggests that for expropriation purposes, powerful managers andcontrolling shareholders conceal bad news for extended periods. Up to a threshold, bad news is released to investorsall at once, leading to a drop in the stock prices. We also find that analysts' coverage mitigates the effect of powerfulmanagers on SPCR in widely held firms. However, the relationship between the power of controlling shareholders andSPCR is less prevalent in companies with independent boards. These findings highlight the importance of efficientgovernance devices to curb opportunistic decision-makers and protect the interests of external shareholders. However,the effectiveness of these mechanisms depends on the identity of the decision-maker and the nature of agencyproblems.},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{francoeur_1307,

title = {How Do Powerful CEOs Influence Corporate Environmental Performance?},

author = {Claude Francoeur and Faten Lakhal and Safa Gaaya and Itidel Ben Saad},

url = {https://www.sciencedirect.com/science/article/pii/S0264999320312086},

year  = {2021},

date = {2021-01-01},

journal = {Economic Modelling},

volume = {94},

pages = {121-129},

abstract = {This study investigates how powerful chief executive officers (CEOs) affect their firm's environmental performance. Based on a sample of 5222 U.S. firm-year observations, we find that such CEOs positively influence environmental performance and that this effect is more prevalent in profitable firms. This result suggests that powerful CEOs are influential in creating sufficient resources to enhance their firms' environmental performance. They are also typically well established and enjoy the quiet life that predisposes them to prioritize environmental projects. Our results also show that, although firms in polluted industries have lower environmental performance, they are able to mitigate this negative effect when they have powerful CEOs or are more profitable. Our results are robust to a variety of econometric models, alternative measures of environmental performance, and controlling for endogeneity issues},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{benkraiem_1520,

title = {New insights into IFRS and earnings quality: what conclusions to draw from the French experience?},

author = {Ramzi Benkraiem and Faten Lakhal and Itidel Ben Saad},

url = {https://www.emerald.com/insight/content/doi/10.1108/JAAR-05-2020-0094/full/html},

year  = {2021},

date = {2021-01-01},

journal = {Journal of Applied Accounting Research},

volume = {22},

number = {2},

pages = {307-333},

abstract = {Purpose



The purpose of this study is to examine the effect of International Financial Reporting Standards (IFRS) on earnings quality in a continental European context (i.e. France) more than a decade after their mandatory adoption. Furthermore, the authors investigate whether the IFRS effect depends on firm-specific incentives.

Design/methodology/approach



The authors construct an aggregated measure that considers the main qualitative information characteristics: reliability and relevance. They identify accruals quality, earnings smoothing and the degree of conditional conservatism as attributes of reliability and use earnings persistence, predictability, value relevance and timeliness to measure earnings relevance. To test the hypotheses, the authors use a sample of French listed companies. The analyses are based on ordinary least squares (OLS) fixed effects, the Newey-West estimator and the difference-in-difference approach. The authors also use cluster analysis to identify firms with high incentives for earnings quality.

Findings



The results reveal a decrease in earnings quality that persisted for a decade after IFRS adoption. This decrease is mainly due to a decline in earnings relevance, suggesting that the fair value principle worsened earnings volatility. However, the results show that there is an improvement in earnings reliability after IFRS adoption, suggesting that the international standards were able to constrain managerial opportunism. Additionally, the findings reveal that firm-specific incentives can enhance the positive effect of IFRS, but the incentives are not able to substitute for such effect.

Research limitations/implications



The IFRS effect depends on firm-specific incentives.

Practical implications



The authors prove that firm-specific incentives are important to accentuate the positive effect of IFRS on earnings reliability and to mitigate the impact of IFRS on earnings relevance.

Originality/value



This paper makes several contributions to the literature. First, it addresses the relative lack of attention to the main qualitative characteristics in measuring earnings quality, that is, earnings reliability and earning relevance, and uses an aggregate earnings quality measure. Second, this paper uses a cluster analysis to highlight the role of firm-specific incentives in shaping the effect of IFRS on earnings quality.},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{lakhal_1344,

title = {Family control and corporate social responsibility: The moderating effect of the board of directors},

author = {Faten Lakhal and Florence Depoers and Emna Brahem},

url = {x},

year  = {2020},

date = {2020-12-01},

journal = {Management International},

volume = {25},

number = {2},

pages = {218-238},

abstract = {This paper examines the effect of family control on corporate social responsibility (CSR) in French-listed companies. Based on quantile regressions, our results show that family identity and involvement in capital and management positively influence CSR performance, particularly for low-CSR firms. These findings support the socio-emotional perspective of family firms. However, families with excess control engage less in CSR activities for expropriation purposes. Additional analysis shows that board size and gender diversity attenuate the negative effect of excess family control on CSR performance and help then mitigating the expropriation risk by family-controlled firms.},

keywords = {},

pubstate = {accepted},

tppubtype = {article}

}

@article{zorgati_1089,

title = {Spatial contagion in the subprime crisis context: Adjusted correlation versus local correlation approaches},

author = {Imen Zorgati and Faten Lakhal},

url = {https://www.sciencedirect.com/science/article/abs/pii/S026499931930286X},

year  = {2020},

date = {2020-11-01},

journal = {Economic Modelling},

volume = {92},

pages = {162-169},

abstract = {This paper investigates the financial contagion phenomenon and its intensity in the context of the subprime crisis by adopting the copulas approach. The wavelet technique is used to predict the accurate occurrence of the subprime crisis. To estimate the parameters of the different copulas, we use the canonical maximum likelihood method (CML). Based on the daily returns of stock market indices of five American countries (Brazil, Argentina, Mexico, Canada and the USA) and nine Asian countries (Japan, Hong Kong, India, Australia, Indonesia, Malaysia, Korea, China and Singapore) from 01/01/2003 to 30/12/2011, our results show that the contagion effect exists for all American markets as well as the Indian, Australian, Indonesian, Malaysian, Chinese and Singaporean ones. The findings also show that American markets record high levels of contagion intensity in comparison to their Asian counterparts. This study also confirms the contagious nature of the subprime crisis between USA and both American and Asian countries.},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{lakhal_1309,

title = {Does corporate innovation strategy influence stock price crash risk? French market evidence},

author = {Faten Lakhal and Sabri Boubaker and Assil Guizani},

url = {https://journaleska.com/index.php/bmi/article/view/4639},

year  = {2020},

date = {2020-11-01},

journal = {Bankers, Markets and Investors},

volume = {162},

pages = {35-52},

abstract = {The purpose of this paper is to examine the effect of corporate innovation strategy on firm-level stock price crash risk. Using a sample of French listed firms covering 2007-2016, we show that innovative firms are more prone to future stock price crash risk. Managers of these firms have optimistic expectations about growth prospects that encourage them to hide bad news, leading to higher stock price crash risk. This positive relationship is only prevalent in competitive product markets and with low analyst coverage suggesting that innovative firms are likely to experience stock price crashes when information asymmetry is exacerbated. Our results stand up to several robustness tests and remain unchanged after addressing endogeneity concerns.},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{lakhal_1243,

title = {Contrôle familial, conseil d'administration et risque de chute du cours d'actions : Le cas des entreprises françaises},

author = {Faten Lakhal and Assil Guizani and Florence Depoers},

url = {https://www.cairn.info/revue-management-et-avenir-2020-5-page-109.htm},

year  = {2020},

date = {2020-10-01},

journal = {Management & Avenir},

volume = {119},

pages = {109-129},

abstract = {Cet article analyse l'impact du contrôle familial sur le risque spécifique de chute du cours d'action. Sur un échantillon de sociétés françaises cotées, nos résultats montrent que l'excès du contrôle familial (lorsque les droits de contrôle sont supérieurs aux droits aux flux financiers) et la présence d'un dirigeant membre de la famille augmentent le risque d'une baisse brutale et significative du cours de l'action d'une société. Nous montrons également que l'indépendance du conseil réduit ce risque en cas d'excès de contrôle mais pas lorsque le dirigeant est un membre de la famille.},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{boubaker_1244,

title = {La diversité du genre influence-t-elle la performance RSE des entreprises familiales ?},

author = {Sabri Boubaker and Emna Brahem and Faten Lakhal},

url = {https://www.cairn.info/revue-des-sciences-de-gestion-2020-3-page-71.html},

year  = {2020},

date = {2020-08-01},

journal = {La Revue des Sciences de Gestion},

volume = {303-304},

pages = {71-80},

abstract = {x},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{jedda_1242,

title = {Family Control and Investment Efficiency: Does financial analyst coverage matter?},

author = {Nour Jedda and Faten Lakhal and Riadh Ghenima},

url = {x},

year  = {2020},

date = {2020-07-07},

journal = {Management International},

volume = {25},

number = {3},

pages = {91-115},

abstract = {The purpose of this paper is to investigate the effect of

family control on investment efficiency and to highlight the

moderating effect of analyst coverage. Based on a sample

of French-listed companies, the results show a negative

effect of family excess control and successive generational

stage on investment efficiency. This negative effect is

mainly driven by the underinvestment problem. These

findings suggest that family firms are associated with

exacerbated information asymmetry issues leading them

to miss investment opportunities. However, analyst

coverage, as an external corporate governance device,

helps mitigating information asymmetry and the problem

of inefficient investments in family firms.},

keywords = {},

pubstate = {accepted},

tppubtype = {article}

}

@article{benkraiem_1131,

title = {International diversification and corporate cash holding behavior: What happens during economic downturns ?},

author = {Ramzi Benkraiem and Faten Lakhal and C. Zopounidis},

url = {https://www.sciencedirect.com/science/article/abs/pii/S0167268119303993},

year  = {2020},

date = {2020-02-01},

journal = {Journal Of Economic Behavior & Organization},

volume = {170},

pages = {362-371},

abstract = {This study uses fixed-effect regressions estimated with heteroskedasticity-consistent standard errors to investigate the effect of international diversification on corporate cash holding behavior of French-listed firms during economic downturns. The findings show that internationally diversified firms are less inclined to save cash out of their cash flows than their undiversified counterparts. However, during economic downturns, the relationship shifts and shows that international diversification is positively associated with the propensity of firms to save cash out of their cash flows. The negative relationship between international diversification and the propensity of firms to save cash out of their cash flows suggests that risk-reducing effects coupled with easy access to external finance prevail over the high agency costs and information asymmetry associated with international companies. However, during economic slumps, this relationship becomes positive, highlighting a significant influence of the financial crisis on internationally diversified firms relative to their stand-alone counterparts. Thus, this study should provide useful insights for academics, practitioners as well as financial regulators.},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{benkraiem_1237,

title = {Cross-Country Evidence on Earnings Quality and Corporate Tax Avoidance: The Moderating Role of Legal Institutions},

author = {Ramzi Benkraiem and Safa Gaaya and Faten Lakhal},

url = {https://econpapers.repec.org/article/eblecbull/eb-20-00303.htm},

year  = {2020},

date = {2020-01-01},

journal = {Economics Bulletin},

volume = {40},

number = {2},

pages = {1714-1726},

abstract = {The purpose of this study is to investigate the relationship between earnings quality and corporate tax avoidance, while accounting for the strength of the legal institutional environment. We find robust evidence that high earnings quality mitigates corporate tax avoidance practices. Furthermore, we find that this association is particularly stronger when country-level legal institutions are powerful. Thus, this study should provide useful insights to academics, professionals as well as policy makers by emphasizing the vital role that accounting information quality could play in the fight against tax avoidance and the important support that legal institutions could provide in this regard.},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{ajina_1035,

title = {Does Corporate Social Responsibility Reduce Earnings Management? The Moderating Role of Corporate Governance and Ownership},

author = {Aymen Ajina and Faten Lakhal and Sabrine Ayed},

url = {https://id.erudit.org/iderudit/1060030ar CopiedAn error has oc},

year  = {2019},

date = {2019-09-01},

journal = {Management International},

volume = {23},

number = {2},

pages = {45-55},

abstract = {The purpose of this paper is to investigate the relationship between corporate social responsibility and earnings management and the moderating effect of corporate governance and ownership structure on this relationship. Using panel data for a sample of French listed companies between 2010 and 2013, we find that CSR engagementconstrain earnings management practices suggesting that managers would comply with the ethical requirements and satisfy stakeholders' interests. The results also show that the effect of CSR on earnings management is particularly stronger in more independent boards and with high institutional ownership structure. These corporate governance devices help mitigating managerial opportunistic behavior.},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{zorgati_1090,

title = {Financial contagion in the subprime crisis context: A copula approach},

author = {Imen Zorgati and M. Zaabi and Faten Lakhal},

url = {https://www.sciencedirect.com/science/article/pii/S1062940818302389},

year  = {2019},

date = {2019-01-01},

journal = {North American Journal Of Economics And Finance},

volume = {47},

pages = {269-282},

abstract = {The purpose of this paper is to shed light on the effect of family ownership on corporate tax avoidance. It also investigates whether audit quality affects tax avoidance practices by family firms},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{lakhal_1036,

title = {The cash flow sensitivity of cash in family firms: does the board of directors matter?},

author = {Faten Lakhal and Assil Guizani and Nadia Lakhal},

url = {https://www.emerald.com/insight/content/doi/10.1108/MF-10-2017-0440/full/html},

year  = {2018},

date = {2018-11-12},

journal = {Managerial Finance},

volume = {44},

number = {11},

pages = {1364-1380},

abstract = {The purpose of this paper is to shed light on the effect of French family control on the cash flow sensitivity of cash (CFSC). It also investigates the moderating effect of board of directors' features on this relation.},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{benkraiem_1092,

title = {Board independence, gender diversity and CEO compensation},

author = {Ramzi Benkraiem and Amal Hamrouni and Faten Lakhal and Nadia Toumi},

url = {https://www.emerald.com/insight/content/doi/10.1108/CG-02-2017-0027/full/html},

year  = {2017},

date = {2017-10-01},

journal = {Corporate Governance: the international journal of business in society},

volume = {17},

number = {5},

pages = {845-860},

abstract = {The purpose of this paper is to analyze the moderating effect of corporate governance and ownership features in lessening earnings management practices in a free cash flow (FCF) situation. A simultaneous equations model is developed to address endogeneity of the FCF variable. Based on a sample of French companies belonging to the SBF 120 index from 2001 to 2010, the results highlight the opportunistic behavior of managers in presence of free cash flows. Particularly, managers engage in earnings management practices that increase reported earnings. Our results also show that corporate governance mechanisms such as audit committee independence and external audit quality, in addition to institutional investors and managerial ownership reduce the extent of earnings management. Corporate governance mechanisms are substitutive in their monitoring role of managers' behavior to reduce earnings management in presence of a free cash flow problem.},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{gaaya_1091,

title = {Does family ownership reduce corporate tax avoidance},

author = {Safa Gaaya and Faten Lakhal and Nadia Lakhal},

url = {https://www.emerald.com/insight/content/doi/10.1108/MAJ-02-2017-1530/full/html},

year  = {2017},

date = {2017-07-01},

journal = {Managerial Auditing Journal},

volume = {32},

number = {7},

pages = {731-744},

abstract = {This paper aims to investigate the joint effect of board independence and gender diversity on the effectiveness of boards in monitoring CEO compensation in a continental European context, i.e. France},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{nekhili_1093,

title = {Free cash flow and earnings management: The moderating role of governance and ownership},

author = {Mehdi Nekhili and I. F. Ben Amar and Tawhid Chtioui and Faten Lakhal},

url = {https://clutejournals.com/index.php/JABR/article/view/9536},

year  = {2016},

date = {2016-01-01},

journal = {Journal of Applied Business Research},

volume = {32},

number = {1},

pages = {255-268},

abstract = {This study attempts to add to the small body of existing literature relating Chief executive officer characteristics to earnings management. Our research was carried out on 153 French listed companies during 2008. Using discretionary accruals as a proxy for earnings management, we found a significant positive relationship between CEO characteristics and earnings management. This suggests that since reputed CEOs are well compensated, they are more afraid to lose thier compensation level, and their incentive to manipulate their firm's earnings therefore increases. Findings also indicate that the dual CEO-chair relationship encourages CEOs to manage earnings, particularly when CEO-chairs hold the major proportion of equity in the firm. This finding suggests that CEO-chairs use their managerial power and the freedom from control to extract private yields. Finally, we present new on the relationship between CEO expertise and earnings management, showing that expertise positively affects CEO's behavior leading to their using agressive earnings management.},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{zouari_1094,

title = {Do CEO characteristics affect earnings management? Evidence from France},

author = {Zeineb Zouari and Faten Lakhal and Mehdi Nekhili},

year  = {2015},

date = {2015-09-04},

journal = {International Journal of Innovation and Applied Studies},

volume = {12},

number = {4},

pages = {801-819},

abstract = {This study attempts to add to the small body of existing literature relating Chief executive officer characteristics to earnings management. Our research was carried out on 153 French listed companies during 2008. Using discretionary accruals as a proxy for earnings management, we found a significant positive relationship between CEO characteristics and earnings management. This suggests that since reputed CEOs are well compensated, they are more afraid to lose thier compensation level, and their incentive to manipulate their firm's earnings therefore increases. Findings also indicate that the dual CEO-chair relationship encourages CEOs to manage earnings, particularly when CEO-chairs hold the major proportion of equity in the firm. This finding suggests that CEO-chairs use their managerial power and the freedom from control to extract private yields. Finally, we present new on the relationship between CEO expertise and earnings management, showing that expertise positively affects CEO's behavior leading to their using agressive earnings management},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{labelle_1037,

title = {To Regulate Or Not To Regulate? Early Evidence on the Means Used Around the World to Promote Gender Diversity in the Boardroom},

author = {R. Labelle and Claude Francoeur and Faten Lakhal},

url = {https://onlinelibrary.wiley.com/doi/abs/10.1111/gwao.12091},

year  = {2015},

date = {2015-05-25},

journal = {Gender Work And Organization},

volume = {22},

number = {4},

pages = {339-363},

abstract = {Despite the growing public concern in recent years about the place of women in business, gender diversity in corporate governance has made little progress. As a consequence, the issue has captured the worldwide attention of policymakers. Several countries are currently adopting or considering the adoption of laws or regulations to promote gender diversity on corporate boards. The purpose of this paper is to compare the effectiveness of using legislative or regulatory means to increase female representation instead of allowing firms to voluntarily fix their own non?legally binding targets. We find that the relation between gender diversity and performance is positive in countries using the voluntary approach while it is negative in countries using the regulatory approach. We conclude that public policy aimed at increasing the number of women on corporate boards should be introduced gradually and voluntarily rather than quickly and coercively to avoid sub?optimal board composition.},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{lakhal_1081,

title = {Do women on boards and in top management reduce earnings management? Evidence from France},

author = {Faten Lakhal and Amal Aguir and Nadia Lakhal and Adnane Malek},

url = {https://clutejournals.com/index.php/JABR/article/view/9236/9274},

year  = {2015},

date = {2015-05-01},

journal = {Journal of Applied Business Research},

volume = {31},

number = {3},

pages = {1107-1118},

abstract = {The purpose of this paper is to examine the effect of gender diversity on the boardroom and in top management positions on earnings management by French-listed firms. Based on a sample of 170 firms over 4 years, we find that the proportion of women on the board standing as a director or a chair  reduces  earnings  management.  This  finding  suggests  that  women  are  effective  on  their monitoring role  and are  then considered as a crucial corporate  governance device. We  also find that  the  relationship  between  the  presence  of  at  least  three  women  on  the  board  and  earnings management  is  negative  suggesting  that  by  increasing  thenumber  of  women  on  board  through regulation  and  legislation,  French  firms  are  likely  to  enhance  the  effectiveness  of  the  board  to better detect earnings management. However, women standing in CEO and CFO positions do not affect earnings management practices. These findings suggest that efforts made by political bodies to  promote  equality  between  men  and  women  on  boards  are  beneficial  for  French-listed companies by limiting earnings management practices. However, regulating or imposing a quota of women on boards can create a temporal shortage of qualified women available to take up such positions.},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{ajina_1080,

title = {Institutional investors' ownership and stock market liquidity: The case of French-listed firms},

author = {Aymen Ajina and Faten Lakhal and Danielle Sougné},

url = {https://www.emerald.com/insight/content/doi/10.1108/IJMF-08-2013-0086/full/html?skipTracking=true},

year  = {2015},

date = {2015-02-01},

journal = {International Journal of Managerial Finance},

volume = {11},

number = {1},

pages = {44-59},

abstract = {The purpose of this paper is to examine the effect of institutional investors' ownership and type on information asymmetry and stock market liquidity in France. },

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{belkhaoui_1082,

title = {Market structure, strategic choices and bank performance: a path model},

author = {Samir Belkhaoui and Faten Lakhal and Slaheddine Hellara},

url = {https://www.emerald.com/insight/content/doi/10.1108/MF-07-2013-0183/full/html?skipTracking=true},

year  = {2014},

date = {2014-06-03},

journal = {Managerial Finance},

volume = {40},

number = {6},

pages = {538-564},

abstract = {The purpose of this paper is to develop and test a conceptual model of bank performance},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{lakhal_1525,

title = {Ownership structure and stock market liquidity in France},

author = {Faten Lakhal and Aymen Ajina},

url = {x},

year  = {2010},

date = {2010-01-01},

journal = {Bankers, Markets & Investors},

volume = {x},

number = {104},

pages = {42-52},

abstract = {his paper examines the effects of concentrated ownership structure and shareholder's type on the French stock-market liquidity. The results show that ownership concentration negatively affects market liquidity suggesting that large shareholders are likely to exacerbate information asymmetry, widen bid-ask spreads and decrease stock market liquidity. The findings also show that the proportion of institutional investors has a positive effect on market liquidity. These investors are inclined to trade more frequently on their stocks and to shrink bid-ask spreads. These findings are in line with adverse selection and trading hypotheses and shed the light on the role of corporate governance devices to consider shareholder minority interest's protection, which leads to improved stock market liquidity levels.},

keywords = {},

pubstate = {published},

tppubtype = {article}

}

@article{lakhal_1524,

title = {Les mécanismes de gouvernement d'entreprises et les publications volontaires des résultats en France},

author = {Faten Lakhal},

url = {https://www.cairn.info/revue-comptabilite-controle-audit-2006-2-page-69.htm?contenu=resume},

year  = {2006},

date = {2006-12-01},

journal = {Comptabilite Controle Audit},

volume = {12},

number = {2},

pages = {69-92},

abstract = {Cet article étudie les relations entre les mécanismes de gouvernement d'entreprise et la communication volontaire des résultats sur un marché où l'actionnariat est concentré. Les résultats montrent que la publication volontaire est liée à la dispersion de la structure d'actionnariat marquée par la présence d'investisseurs institutionnels étrangers, à l'existence d'une structure de dualité dans le conseil et à la distribution de stocks-options aux dirigeants. Les dirigeants français peuvent occasionnellement annoncer leurs résultats afin d'informer le marché de leurs bonnes performances. Enfin, les annonces trimestrielles sont rattachées essentiellement à la cotation sur le marché américain alors que la publication prévisionnelle est liée à la rémunération des dirigeants par stock-options.},

keywords = {},

pubstate = {published},

tppubtype = {article}

}